Paperless Account Opening Introduced by Kotak Mahindra Bank

Kotak Mahindra Bank has launched ‘Kotak Now’ – a paperless digital account opening process on mobile. ‘Kotak Now’ is an end-to-end digital process where verification of KYC documents and signature is done via a video call with the bank. This is a complete end-to-end online account opening experience, without any need of physical interaction or biometric verification.

To open an account under this process, one has to download the Kotak Now app and upload KYC documents (PAN card, and either Aadhar Card or Passport), and the image of the signature. On entering a few personal details, the Customer Relationship Number (CRN) and Account Number is generated. The app automatically selects a branch closest to the customer’s address for correspondence. The account is activated, after a video call with a bank executive.

Deepak Sharma, Chief Digital Officer, Kotak Mahindra Bank, said, “About 50 per cent of all transactions in the last few years have moved to digital channels like net banking and mobile banking. Additionally, most services are now being made available on-the-move to customers via these platforms. However, the account opening experience for Indian consumers was still a challenge, and has thus far required high level of manual effort from their end. ‘Kotak Now’ is a step in making banking truly digital.”

Paperless Account Opening Introduced by Kotak Mahindra Bank

Kotak Now, which has been developed with the patented technology of Germany-based WebID Solutions, reduces the time involved in opening a bank account and also ensures data security.

Currently, ‘Kotak Now’ is limited to opening a ‘Jifi’ account. Other savings account variants will be introduced in a phased manner. ‘Kotak Now’ can be downloaded from Google Play Store.